COVID-19 infections Bill Gates tech companies

Commenting on the number of COVID-19 infections and today’s trading Gorilla Trades strategist Ken Berman said:

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Q2 2020 hedge fund letters, conferences and more

The major indices are all trading midday following a choppy and active morning session on Wall Street. A host of options contracts are expiring today, and that will likely have a major impact on price action throughout the day, causing sudden spikes across the board, with the general sentiment still being remains slightly bearish among traders. The Nasdaq and large-cap tech stocks, in particular, continue to be under pressure, as bulls and bears are still fighting for control near the 50-day moving averages of the large-cap benchmarks.

The number of COVID-19 infections hit 30 million globally today, with India, France, and Spain reporting record number of cases, and overseas continue to struggle amid the fears of a rough winter on the Northern hemisphere. In economic news, the Michigan consumer sentiment number handily beat expectations, coming in at a three-month high of 78.9, which matches the indicator’s post-COVID-crash high from June. The CB Leading Index was a tad below the consensus estimate, coming in at 1.2%, and according to the latest evidence the recovery slew down a bit in recent weeks in the U.S.

Market Wrap

Dow: 27,809, – 93 or 0.3%

S&P 500: 3,334, – 23 or 0.7%

Nasdaq: 10,795, – 115 or 1.1%

Russell 2000: 1,551, + 8 or 0.5%

Market breadth has been relatively strong this morning, with advancing issues outnumbering decliners by a less than 5-to-4 ratio on the NYSE at midday. Only 11 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 67 stocks hit new 52-week highs. The major indices have been hovering around their daily VWAPs (Volume-Weighted Average Price) throughout the morning session, pointing to a mixed and choppy afternoon. The divergence between most of the cyclical sectors and the tech sector continues to be apparent, but real estate stocks and utilities have also been lagging the broader market today, together with the energy sector due to the uptick in Treasury yields. Stay tuned!


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